The big OED has bated
and not baited
Lowered or lessened in position, amount, force, estimation, etc.; esp. in bated breath: breathing subdued or restrained under the influence of awe, terror, or other emotion.
Citations include Shakespeare, Merchant of Venice, I iii 125; Freeman's Norman Conquest, 1872, Vol IV, Chapter xxi, p. 632.
I love this malaprop. It is so commonly made because the older form of language is so unfamiliar, and so I pass on the point -- as my English teacher once passed it on to me when I did the same ... .
": I always have this image of the cat eating cheese to catch the mouse ...
"bated breath" as in "abate" or halted. Holding one's breath in anticipation...
I still like the cat and mouse image better, though ...
Which one would be Peter, though? .....hmmmmm....